OK, I’ll fund you — if it’s in bitcoin

If simple ideas are often the best, the concept behind Dublin-based tech start-up Cloudwith.me is an absolute stinker. According to its website, the company offers a “managed hosting solution for hyper-scale cloud services”. Confused? Try this catchy slogan: Cloudwith.me is “building the blockchain decentralised crowd cloud”.

Such tech-speak has not stopped the two-year-old data services business raising $10m (£7.5m) from amateur investors through a so-called initial coin offering (ICO), the latest obsession sweeping the world of start-up financing.

The offerings, which see companies issue tokens to investors who pay in cryptocurrencies such as bitcoin, have alerted financial watchdogs. The Financial Conduct Authority (FCA) called ICOs “very high-risk, speculative investments”. China has banned them outright.

For small tech businesses, the lure is understandable. Millions can be…